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  1. #1
    Mid
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    Thailand : New PM confident US liquidity squeeze won't affect mega-projects

    New PM confident US liquidity squeeze won't affect Thai mega-projects



    BANGKOK, Sept 18 (TNA) -- Newly elected Thai Prime Minister Somchai Wongsawat said Thursday he believed that the liquidity problems due to the collapse of US investment bank Lehman Brothers and the liquidity crunch faced by the American Insurance Group (AIG) in the US would not affect Thailand and the Thai government's plan to invest on long-delayed mega-projects.

    Mr. Somchai, elected prime minister by House members on Wednesday, told a press conference after meeting with caretaker finance minister Surapong Suebwonglee and key monetary and finance officials that he was told by the officials that the financial turmoil in the US would not overly impact Thai financial institutions, the stock market and foreign insurance firms operating in Thailand.

    The problems in the US would not affect the new Thai government's policy on investing in mega-projects, said Mr. Surapong.

    Permanent Secretary for Finance Suparat Kawatkul said Thailand's commercial banks did not have much exposure in the troubled US firms while the Thai government-sponsored mega-projects should not be affected because borrowing to finance in the projects would come from international financial institutions.

    Mr. Surapong, also caretaker deputy prime minister, said immediate responsibilities for the new government are to create unity among the people in the country and the implementation of mega-projects.

    He would prefer not to continue working as caretaker finance minister, he said, while a new government is being formed but he would be ready to cooperate with a new minister.

    Caretaker deputy finance minister Suchart Thadadamrongwej said a working committee had already mapped out measures to cater to any impact on the Thai economy. He said Thai financial institutions did not have much business contacts with troubled US firms and, therefore, only a minimal effect would be seen. (TNA)

    enews.mcot.net



    pssst ....wanta buy a bridge ?

    .

  2. #2
    I am in Jail
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    Quote Originally Posted by Mid
    Newly elected Thai Prime Minister Somchai Wongsawat said Thursday he believed that the liquidity problems due to the collapse of US investment bank Lehman Brothers and the liquidity crunch faced by the American Insurance Group (AIG) in the US would not affect Thailand and the Thai government's plan to invest on long-delayed mega-projects.
    yeah right !!! only if he doesn't mind borrowing at 20% per year on the International Bond market,

  3. #3
    Days Work Done! Norton's Avatar
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    Not to mention, most mega projects have a large foriegn contract content paid in USD or Euros. He better hope the baht doesn't tank.

  4. #4
    ding ding ding
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    Quote Originally Posted by Butterfly
    yeah right !!! only if he doesn't mind borrowing at 20% per year on the International Bond market,
    I know! do these fuckers even know what the TED spread is or even bother to read whats going on outside of their moo baan?

  5. #5
    Pedantic bastard
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    Quote Originally Posted by Mid View Post
    BANGKOK, Sept 18 (TNA) -- Newly elected Thai Prime Minister Somchai Wongsawat said Thursday he believed that the liquidity problems due to the collapse of US investment bank Lehman Brothers and the liquidity crunch faced by the American Insurance Group (AIG) in the US would not affect Thailand and the Thai government's plan to invest on long-delayed mega-projects.
    .
    Kindly allow me to translate?

    Don't worry boys!! I will make sure that, come hell or high water, or the total collapse ofthe economy, you can keep your snouts in the trough. Those 30% kick backs and corruption rake offs are guaranteed - so long as you keep me in office.

  6. #6
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    Thailand's new Government House




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